A composite powder in which highly dispersed metal oxide nanoparticle precursors are supported on carbon is rapidly heated under nitrogen atmosphere, crystallization of metal oxide is allowed to progress, and highly dispersed metal oxide nanoparticles are supported by carbon. The metal oxide nanoparticle precursors and carbon nanoparticles supporting said precursors are prepared by a mechanochemical reaction that applies sheer stress and centrifugal force to a reactant in a rotating reactor. The rapid heating treatment in said nitrogen atmosphere is desirably heating to 400° C.-1000° C. By further crushing the heated composite, its aggregation is eliminated and the dispersity of metal oxide nanoparticles is made more uniform. Examples of a metal oxide that can be used are manganese oxide, lithium iron phosphate, and lithium titanate. Carbons that can be used are carbon nanofiber and Ketjen Black.